The film follows a man who shrinks to the size of an insect after being exposed to radiation. The reboot will be co-produced and co-written by Matheson along with his son, Richard Matheson Jr. According to the report, the duo plans to 'modernize' the story by incorporating 'advancements in nanotechnology.'

in a press release on the news, Matheson calls the remake "an existential action movie" adding, "My original story was a metaphor for how man's place in the world was diminishing. That still holds today, where all these advancements that are going to save us will be our undoing."

MGM President Jonathan Glickman added, "The themes of The Shrinking Man continue to be relevant and the Mathesons' cutting-edge ideas for the adaptation will make for a great film that will play all over the world."